Sun Pharma to buy Organon in $11.75 billion all-cash deal

Sun Pharmaceutical Industries agreed to buy Organon & Co. for $14.00 a share in cash, valuing the U.S. drugmaker at $11.75 billion including debt and setting up one of India’s largest outbound healthcare acquisitions. The deal gives Sun Pharma full ownership of a company created in 2021 when Merck spun off its women’s health, biosimilars and established medicines business.

The transaction is more than a balance-sheet event. Sun Pharma said the combined company would generate about $12.4 billion in revenue, operate in 150 countries and have 18 large markets each producing more than $100 million in revenue. It also said the business would become a top-3 global women’s health company and the world’s seventh-largest biosimilar player, while nearly doubling EBITDA and cash flow. Post-deal net debt to EBITDA would be 2.3x.

That combination matters because it brings together two different global strengths. Organon reported about $6.2 billion in 2025 revenue, with roughly 74% coming from outside the United States. Women’s health contributed about $1.8 billion, biosimilars about $691 million and established brands about $3.7 billion. The company said it had more than 70 products in women’s health and general medicines, sold in more than 140 countries and territories, with six manufacturing facilities in the European Union and emerging markets.

Sun Pharma is betting that scale, not just revenue, will drive the next stage of growth. Its 2024-25 annual report said it already operates in more than 100 countries, has 40 global manufacturing sites across six continents and employs more than 43,000 people. By adding Organon’s portfolio and international sales base, the Indian company would deepen its presence in branded generics, expand its U.S. exposure and gain a larger platform in women’s health, a field where few drugmakers have meaningful global reach.

For investors and regulators, the key questions are whether the enlarged company can keep supply stable, maintain competition across established medicines and biosimilars, and extract enough cost and distribution synergies to justify the price. The boards of both companies approved the transaction, but it still requires regulatory clearances and Organon shareholder approval. Sun Pharma said it would hold an investor call on April 27, 2026 to discuss the acquisition.

If completed, the deal would move another major U.S. pharmaceutical asset under Indian ownership and underscore how aggressively Indian drugmakers are pushing beyond domestic markets. In a sector shaped by patent cliffs, pricing pressure and slower innovation cycles, Sun Pharma is making a clear wager: global reach, diversified products and control over mature franchises are becoming the new sources of power.